Act under section 62ZOF not ground for denying obligation
62ZOH Act under section 62ZOF not ground for denying obligation
This section applies if a body corporate is party to a contract, whether the proper law of the contract is:
Australian law (including the law of a State or Territory); or
law of a foreign country (including the law of part of a foreign country).
None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:
deny any obligation under the contract;
accelerate any debt under the contract;
close out any transaction relating to the contract;
enforce any security under the contract.
The matters are as follows:
an Insurance Act statutory manager of the body corporate doing an act under subsection 62ZOF(1) relating to the body corporate;
if the body corporate is a member of a relevant group of bodies corporate—an Insurance Act statutory manager of another member of the group doing an act under subsection 62ZOF(1) in relation to that other member.
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